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There's a saying among the specialists and traders who do most of the living and breathing at the New York Stock Exchange that goes: "When the little guys are cutting back, that's an inconvenience. But when the big guys start cutting back, that's a problem."

Sotheby's auction house has abruptly withdrawn a Picasso Cubist painting that was set to be auctioned on November 3, The New York Times reported Monday.

This, as CNN's Larry King would say, is not good news.

1909 work is withdrawn

The painting, "Arlequin" (1909), was estimated at more than $30 million, and was one of the most expensive works in the fall art season. David Norman, a co-chairman of Sotheby's Impressionist and modern art department worldwide, told The Times the painting was withdrawn "for private reasons." Sotheby's (NYSE: BID) shares rose 20 cents to $7.85 in mid-day Tuesday trading.

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Sotheby's withdrawal of Picasso painting from auction seen as bearish signal originally appeared on BloggingStocks on Tue, 28 Oct 2008 16:44:00 EST. Please see our terms for use of feeds.

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